Homework Answers
1. Amount required to pay in May = 80% * 373800 + 20% * 410900
Amount required to pay in May = $381220
2. Amount required to pay in June = 80% * 410900 + 20% * 416800
Amount required to pay in June = $412080
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DED Homework eBook 4 Video Preparing an Accounts Payable Schedule 1A.ALGO 2AALGO 3A.ALGO Wight Inc. purchases...
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production....
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,400 May 411,200 June 416,000 Wight typically pays 20% on account in the month of billing and 80 % the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production....
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,300 May 410,300 June 416,700 Wight typically pays 30% on account in the month of billing and 70% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget...
Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $373,300 May 411,800 June 415,300 Wight typically pays 40% on account in the month of billing and 60% the next month. Required: 1. How much cash is required for payments on account in May? $ 2. How much cash is expected for payments on account in June? $
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc....
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July $37,500 $34.000 $30,000 $45,000 Budgeted cost of goods sold Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7.400. The company desires to maintain an ending inventory balance equal to...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the dient (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April $ 108,000 May $128,000 June $140,000 Required purchases (on account) Rooney Books's accountant prepared the following schedule of cash payments for inventory purchases. Rooney Books's suppliers require that 85 percent of purchases on account be paid in the month of purchase, the remaining...
Garden Sales, Inc., sells garden supplies, Management is planning its cash needs for the second quarter....
Garden Sales, Inc., sells garden supplies, Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 590,000 $ 790,000 $ 490,000 $390,000 413,000 553,000 343, 000273,000 177,000...
V2.cengagenow.com eBook Video 0 Calculator 0 Preparing a Cash Budget La Famiglia Pizzeria provided the following in...
V2.cengagenow.com eBook Video 0 Calculator 0 Preparing a Cash Budget La Famiglia Pizzeria provided the following information for the month of October a. Sales are budgeted to be $164,000. About 85% of sales is cash the remainder is on account. b. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month c. Food and supplies purchases, all on account, are expected to be...
Check my work Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for...
Check my work Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: points a. Budgeted monthly absorption costing income statements for April-July are: Skipped April $ 680,000 476,000 204,000 May $ 850,000 595,000 255.000 June...
And reassignment-take&inprogress-false Show Me How Schedule of Cash Collections of Accounts Receivable a pet wholesale supplier,...
And
reassignment-take&inprogress-false Show Me How Schedule of Cash Collections of Accounts Receivable a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May June July All sales are on account. 60 percent of sales are expected to be collected in the month of the sale, 29% in the month following the sale and the remainder in the second month following the sale. Prepare a schedule indicating cash...
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,400 May 411,200 June 416,000 Wight typically pays 20% on account in the month of billing and 80 % the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,300 May 410,300 June 416,700 Wight typically pays 30% on account in the month of billing and 70% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July $37,500 $34.000 $30,000 $45,000 Budgeted cost of goods sold Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7.400. The company desires to maintain an ending inventory balance equal to...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the dient (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April $ 108,000 May $128,000 June $140,000 Required purchases (on account) Rooney Books's accountant prepared the following schedule of cash payments for inventory purchases. Rooney Books's suppliers require that 85 percent of purchases on account be paid in the month of purchase, the remaining...
Garden Sales, Inc., sells garden supplies, Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 590,000 $ 790,000 $ 490,000 $390,000 413,000 553,000 343, 000273,000 177,000...
V2.cengagenow.com eBook Video 0 Calculator 0 Preparing a Cash Budget La Famiglia Pizzeria provided the following information for the month of October a. Sales are budgeted to be $164,000. About 85% of sales is cash the remainder is on account. b. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month c. Food and supplies purchases, all on account, are expected to be...
Check my work Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: points a. Budgeted monthly absorption costing income statements for April-July are: Skipped April $ 680,000 476,000 204,000 May $ 850,000 595,000 255.000 June...
And
reassignment-take&inprogress-false Show Me How Schedule of Cash Collections of Accounts Receivable a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May June July All sales are on account. 60 percent of sales are expected to be collected in the month of the sale, 29% in the month following the sale and the remainder in the second month following the sale. Prepare a schedule indicating cash...
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